Connecting the dots in FinTech APAC’s Post

Indian startup headlines are presented as a weekly roundup. We cover Indian Startup Headlines this week #startupheadlines 1. Online B2B travel distribution platform Travel Boutique Online (TBO) has filed a draft red herring prospectus (DRHP) with the security and exchange board of India (SEBI). It has joined a small group of companies that have filed for IPO after becoming profitable. 2. SaaS-based B2B fintech firm Perfios raised $229 million in its Series D round led by private equity firm Kedaara Capital through a combination of primary and secondary sales this year. Kedaara’s strong conviction on the prospects of the company has probably been influenced in part by Perfios’ remarkable growth in FY23. Perfios’ revenue from operations spiked three-fold to Rs 407 crore in the fiscal year ending March 2023 from Rs 136 crore in FY22. 3. Car-servicing startup GoMechanic has raised money after nearly 30 months. And it seems like a rebuild from almost scratch, as the Gurugram-based company has roped in two dozen investors to raise $6 million as it tries to get back on its feet after a horrible 2022-23. 4. Digital payments platform PhonePe has achieved a new milestone in October as the fintech platform crossed 5 billion (5.33 billion) transactions via unified payments interface (UPI) for the first time in the last month. Show us how you're #winning! Get more information about it Contact us today -------------------------------------------- Contact No. - +91 7044920305 Follow for more Updates: #gomechanic #travelboutique #PhonePe #upipayments #Perfios #fintech #automotive #financialservices #funding #startupheadlines #Headlines #ecommerce #startuppitchdeck #Services

Indian startup headlines are presented as a weekly roundup. We cover Indian Startup Headlines this week #startupheadlines 1. Online B2B travel distribution platform Travel Boutique Online (TBO) has filed a draft red herring prospectus (DRHP) with the security and exchange board of India (SEBI). It has joined a small group of companies that have filed for IPO after becoming profitable. 2. SaaS-based B2B fintech firm Perfios raised $229 million in its Series D round led by private equity firm Kedaara Capital through a combination of primary and secondary sales this year. Kedaara’s strong conviction on the prospects of the company has probably been influenced in part by Perfios’ remarkable growth in FY23. Perfios’ revenue from operations spiked three-fold to Rs 407 crore in the fiscal year ending March 2023 from Rs 136 crore in FY22. 3. Car-servicing startup GoMechanic has raised money after nearly 30 months. And it seems like a rebuild from almost scratch, as the Gurugram-based company has roped in two dozen investors to raise $6 million as it tries to get back on its feet after a horrible 2022-23. 4. Digital payments platform PhonePe has achieved a new milestone in October as the fintech platform crossed 5 billion (5.33 billion) transactions via unified payments interface (UPI) for the first time in the last month. Show us how you're #winning! Get more information about it Contact us today -------------------------------------------- Contact No. - +91 7044920305 Follow for more Updates: #gomechanic #travelboutique #PhonePe #upipayments #Perfios #fintech #automotive #financialservices #funding #startupheadlines #Headlines #ecommerce #startuppitchdeck #Services

Pine Labs gets Singapore court approval to shift base to India Merger Approval: Pine Labs, a merchant commerce startup, has received approval from a Singapore court to merge its local entity with its Indian unit, allowing it to shift operations to India. Regulatory Disclosure: Pine Labs disclosed the court order in a recent regulatory filing. Product and Backing: Pine Labs offers merchant solutions and is backed by investors like Peak XV, Fidelity, and PayPal, with a valuation exceeding $5 billion. Trend Among Indian Startups: Pine Labs joins other Indian startups like Meesho and Flipkart in considering a move to India. PhonePe and Groww have already relocated their overseas holding entities. Motivation and Expectations: Pine Labs aims to benefit from greater analyst coverage and demand from institutional investors in India. The move is expected to streamline operations, yield cost savings, and simplify the shareholding structure. Read more... https://lnkd.in/gdKjzfBH 

𝐊𝐫𝐞��𝐢𝐭𝐁𝐞𝐞'𝐬 𝐃𝐞𝐬𝐡 𝐖𝐚𝐩𝐬𝐢: 𝐇𝐞𝐚𝐝𝐢𝐧𝐠 𝐇𝐨𝐦𝐞 𝐭𝐨 𝐈𝐧𝐝𝐢𝐚!🏠 In a strategic move, 𝐊𝐫𝐞𝐝𝐢𝐭𝐁𝐞𝐞, 𝐚 𝐥𝐞𝐚𝐝𝐢𝐧𝐠 𝐥𝐞𝐧𝐝𝐢𝐧𝐠 𝐭𝐞𝐜𝐡 𝐬𝐭𝐚𝐫𝐭𝐮𝐩, 𝐡𝐚𝐬 𝐚𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐝 𝐢𝐭𝐬 𝐢𝐧𝐭𝐞𝐧𝐭𝐢𝐨𝐧 𝐭𝐨 𝐫𝐞𝐥𝐨𝐜𝐚𝐭𝐞 𝐢𝐭𝐬 𝐡𝐞𝐚𝐝𝐪𝐮𝐚𝐫𝐭𝐞𝐫𝐬 𝐟𝐫𝐨𝐦 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 𝐭𝐨 𝐈𝐧𝐝𝐢𝐚. This decision marks a significant step for the company as it joins the growing trend of Indian startups returning to their roots. Over the past few months, KreditBee has been diligently working on its plan to reverse flip back to India. By shifting its domicile to India, KreditBee aims to streamline its operations and strengthen its position in the Indian market. The move is expected to pave the way for smoother IPO plans, aligning with the startup's goal of a potential listing on the bourses by 2027, as highlighted by CEO Madhusudan Ekambaram. This development comes on the heels of KreditBee's recent fundraising success, with the company securing an additional $9.4 million from existing investors in its extended Series D round. The decision to return to India underscores the startup's commitment to its home market and its confidence in the country's vibrant tech ecosystem. KreditBee's move mirrors similar decisions by other Indian new-age tech startups, including Groww, Razorpay, Meesho, and Zepto, reflecting a broader trend of 'Desh Wapsi' gaining momentum within the startup community. KreditBee #KreditBee #DeshWapsi #IndianStartups #TechNews #BusinessMoves #IPOPlans #news #finance #financialfreedom #f2fintech #india

According to the recent "State Of The Indian Startup Ecosystem Report 2023" by Inc42, the fintech market in India has achieved an impressive valuation of $584 Bn. Looking ahead, projections suggest that this sector will experience a CAGR of 18%, surging to a staggering $2.1 Tn by 2030. Drawing from government data, there are currently 3,085 fintech startups officially recognized by the DPIIT in India. The landscape is dotted with 22 fintech unicorns and 34 soonicorns, boasting combined valuations of over $68 Bn and $13 Bn, respectively. In terms of investment activity, the Indian fintech realm drew in a substantial $27 Bn, marking it as the second-largest recipient of venture capital funds between 2014 and June 2023. This noteworthy achievement accounts for a remarkable 19% of the total $141 Bn raised by Indian startups throughout this period. The rapid advancements in the Indian fintech space are primarily attributed to the widespread adoption of smartphones, increased internet penetration, and the introduction of the UPI. These innovative fintech startups leverage the existing services of financial institutions to provide users with unparalleled accessibility and convenience right from their homes. This transformative growth has paved the way for notable successes, including public offerings by companies like Paytm and Fino Payments Bank Ltd. Additionally, PhonePe’s acquisition has propelled it to a valuation exceeding $10 Bn. With a substantial count of 22 fintech unicorns, this sector has garnered considerable attention from both global and domestic investors, firmly establishing itself as a compelling investment avenue. #IndianFintech #FintechIndia #StartupEcosystem #FintechUnicorns #FintechInnovation #TechInvestments #DigitalPayments #UPIRevolution #FinancialTechnology #EmergingMarkets #InvestInIndia #FintechGrowth #TechInnovation #FutureOfFinance #DigitalEconomy #TechInvestors #FintechRevolution #IndianStartupScene #VentureCapital #FinancialInclusion #DigitalTransformation M2P Fintech I Acko I BillDesk I BharatPe I Chargebee I Kaleidofin Private Limited I Cashfree Payments I Razorpay I axio I CRED I INDmoney I Plum I Scripbox I Pazcare I Zerodha I IppoPay I CASHe I Turtlemint I Lendingkart I Zerodha

Indian fintech Navi is looking to raise $200 million at a whooping $2 billion valuation. Sachin Bansal, the co-founder of Flipkart, is making waves once again in the startup world with his latest venture, Indian #fintech powerhouse #Navi. According to insiders, Navi is in discussions to secure a significant external investment, aiming for a valuation of a staggering $2 billion. Sachin Bansal, known for his pioneering role in shaping India's e-commerce landscape, embarked on a new journey with Navi in 2018. While he initially self-funded Navi, this potential investment marks the startup's first major external fundraising endeavor. The talks surrounding Navi's funding underscore a pivotal moment for the Indian venture market but also for the global fintech sector. After a challenging period in 2023, marked by a steep decline in overall startup funding, signs of a resurgence in growth-stage investments are emerging. Abu Dhabi's sovereign wealth fund Abu Dhabi Investment Authority (ADIA) and other prominent investors are actively engaging with promising Indian startups, signaling renewed confidence in the region's entrepreneurial ecosystem. This shift comes amidst regulatory challenges and evolving investor sentiments, reflecting a dynamic landscape for fintech innovation. Bansal's strategic vision for Navi extends beyond fundraising, with plans to revive IPO aspirations and explore opportunities in banking. Despite setbacks, including regulatory hurdles and the sale of its microfinancing unit, Navi remains steadfast in its mission to redefine digital financial services in India. The article on TechCrunch in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

Fintech startup Groww has formally moved its domicile back to India from the US through a reverse flip by its parent firm, chief executive officer Lalit Keshre said on Thursday. Groww joins an increasing number of startups planning to move their domiciles to the country. Many Indian startups domiciled abroad are considering shifting their base or reverse-flipping, to India. These include companies engaged in areas such as fintech, e-commerce, stock broking, health care, and edtech. Walmart-backed PhonePe, another major fintech startup moved its domicile from Singapore to India in October 2022. As part of this, it had to go through three steps. First, it moved all its businesses, including insurance and wealth broking, and all subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd India. Secondly, PhonePe’s board approved creating a new employee stock ownership plan (ESOP) and migrating more than 3,000 PhonePe group employees. PhonePe’s investors, led by Walmart, had to pay about Rs 8,000 crore in taxes to allow the fintech firm to shift its domicile to India.

December 2023 emerges as a game-changer for the Indian startup ecosystem, witnessing a funding spree that surpassed the January peak with over $1.5 billion raised, as reported by data compiled by Tracxn. Despite this, the year's total funding rests at a seven-year low of $8.8 billion, marking a shift in the funding landscape. Late-stage funding took center stage, constituting over 85% of the capital inflow, defying the general trend of a slowdown in growth- and late-stage funding. This spike is credited to significant deals, including Walmart's $600-million investment in Flipkart and Udaan's $340-million fundraise led by M&G Prudential. While December's commitment nearly doubled November's and exceeded the previous year's figure, the prolonged closure timelines for deals and increased investor due diligence marked a departure from the rapid pace seen in 2021 and early 2022. 🔸 Major Deals: Flipkart's $600-million, Udaan's $340-million, and GreyOrange's $135-million funding rounds stood out as top contributors to the December surge. 🔸Investor Activity: Founder Circle, Lightspeed Venture Partners, and 3one4 Capital led in terms of the number of deals announced. 🔸Sector Dynamics: Tech companies secured the lion's share of funds, while consumer brands like NAT HABIT, Biryani By Kilo, and Farmley also attracted investments, indicating a diversification trend. 🔸Future Outlook: Investors foresee enterprise, fintech, and emerging sectors like generative AI, deeptech, and cleantech to dominate funding in 2024, while sectors like edtech, digital media, gaming, and web3 face challenges. As 2023 concludes, industry experts anticipate a cautious approach and a potential sustained recovery in funding, with a focus on enterprise and fintech sectors. The diverse funding landscape reflects the resilience and adaptability of Indian startups, setting the stage for an exciting 2024. Stay tuned as the funding landscape continues to evolve, shaping the future of India's entrepreneurial ecosystem! 🚀💡 #StartupFunding #IndianStartups #Fintech #Gaming #TechInnovation #VentureCapital #Entrepreneurship2024

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Several well-funded and highly valued #startups are moving their overseas holding companies to India — or ‘reverse flipping’ — ahead of listings, especially in the central bank-regulated fintech sector. Singapore-based Pine Labs plans to seek board approval this quarter to move its parent firm to India. B2B ecommerce firm udaan.com is considering a similar move in view of its plans for an initial public offering (IPO) in 12-18 months. Several industry executives told ET there is more urgency from #fintechs to move base to India amid a tightening regulatory environment. Several startups that are large firms now had set up overseas bases for easier funding, as well as #tax policies. Share swaps & inbound mergers are the common methods. When shareholders of the overseas entity swap their shares with the Indian one, foreign & Indian shareholders have holdings in the domestic firm. In an inbound (cross-) border merger, the foreign firm ceases to exist. Read the full story by Digbijay Mishra on ETtech here https://lnkd.in/ghV4TFyH